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Fashionable crypto analyst Benjamin Cowen thinks digital asset merchants ought to be cautious of the continuing memecoin frenzy.
In a brand new YouTube replace, Cowen tells his 784,000 subscribers that he expects the crypto market to bear “another scare” this yr.
“We get into the pre-halving yr, we see rallies, everybody will get excited, however then the memecoins come again, after which the market is like, ‘Oh, effectively, there’s nonetheless quite a lot of extra available in the market, we gotta wreck these folks once more…’
We had a really comparable factor really happen in 2019. We had quite a lot of memecoins rally again in 2019 as effectively, after which take a look at them. I imply most of them simply bled in opposition to Bitcoin ever since.”
An analogous memecoin rally occurred across the second quarter of 2019, based on the analyst.
Cowen argues that many of the memecoins rallying proper now are “outright scams.”
“I feel there’s a great case to be made that quite a lot of the memecoins you see circulating proper now, eight months from now individuals are going to overlook them and so they’re not going to care about them.”
Lots of the memecoin hype has been pushed by the frog-themed crypto asset Pepe (PEPE), which is up greater than 510% prior to now two weeks.
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